Increasing the Odds of Your Business Getting Paid Continued
4. Technology and software accounting programs have made it very easy to accept payment through
debit and credit card. Many banks now offer debit and credit card services to their business banking clients. I suggest that a company set up an automatic program whereby a customer's credit or debit card is charged on a regular basis which is usually monthly. And be sure to get a signed authorization form from the card holder. The customer has one less bill to think about each month and the company has greatly increased the odds of getting paid.
5. Finally, a company needs to communicate on a regular basis with customers and clients. Regular communication includes newletters, personal contacts, and updates to inquire as to how everything is going. Too many times, a company only contacts a customer in two instances. First, when payment on a bill is due. And secondly, when the company wants the customer to purchase a product or service. Customers may refuse to make payment because they are not satisfied with the product or service that they have received. A good business owner needs to have regular communication with customers to avoid or clear up any disputes before they spiral out of control. This communication with the customers also helps to increase the amount of payments on invoices and to reduce the amount of bad debt on the company's books.
These simple steps can be immediately put into place by any company with little to no cost. Upon being put into place and followed, the steps listed above should lead to happier customers and more cash coming into the business.
debit and credit card. Many banks now offer debit and credit card services to their business banking clients. I suggest that a company set up an automatic program whereby a customer's credit or debit card is charged on a regular basis which is usually monthly. And be sure to get a signed authorization form from the card holder. The customer has one less bill to think about each month and the company has greatly increased the odds of getting paid.
5. Finally, a company needs to communicate on a regular basis with customers and clients. Regular communication includes newletters, personal contacts, and updates to inquire as to how everything is going. Too many times, a company only contacts a customer in two instances. First, when payment on a bill is due. And secondly, when the company wants the customer to purchase a product or service. Customers may refuse to make payment because they are not satisfied with the product or service that they have received. A good business owner needs to have regular communication with customers to avoid or clear up any disputes before they spiral out of control. This communication with the customers also helps to increase the amount of payments on invoices and to reduce the amount of bad debt on the company's books.
These simple steps can be immediately put into place by any company with little to no cost. Upon being put into place and followed, the steps listed above should lead to happier customers and more cash coming into the business.
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